{"id":7313,"date":"2023-05-12T23:11:11","date_gmt":"2023-05-12T23:11:11","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=7313"},"modified":"2023-05-14T08:28:29","modified_gmt":"2023-05-14T08:28:29","slug":"duration-of-equity-fundraising","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/cn\/articles\/duration-of-equity-fundraising\/","title":{"rendered":"\u80a1\u6743\u52df\u96c6\u671f\u9650"},"content":{"rendered":"
\n\t\t\t\t\t\t
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\u7b79\u6b3e\u662f\u4f01\u4e1a\u751f\u547d\u5468\u671f\u4e2d\u7684\u4e00\u9879\u91cd\u8981\u6d3b\u52a8\u3002\u5b83\u4e0d\u4ec5\u63d0\u4f9b\u542f\u52a8\u8fd0\u8425\u6240\u9700\u7684\u8d44\u91d1\uff0c\u8fd8\u652f\u6301\u6269\u5f20\u3001\u6536\u8d2d\u548c\u5176\u4ed6\u6218\u7565\u884c\u52a8\u3002<\/p>

\u7136\u800c\uff0c\u7b79\u6b3e\u8fc7\u7a0b\u8fdc\u975e\u76f4\u622a\u4e86\u5f53\u3002<\/p>

\u7b79\u6b3e\u8fc7\u7a0b\u7684\u6301\u7eed\u65f6\u95f4\u53ef\u80fd\u4f1a\u56e0\u591a\u79cd\u56e0\u7d20\u800c\u6709\u5f88\u5927\u5dee\u5f02\uff0c\u5305\u62ec\u4ea4\u6613\u7ed3\u6784\u7684\u590d\u6742\u7a0b\u5ea6\u3001\u53d1\u884c\u89c4\u6a21\u3001\u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u6027\u4ee5\u53ca\u5f53\u524d\u7684\u5e02\u573a\u72b6\u51b5\u3002<\/p>

\u672c\u6587\u5168\u9762\u4ecb\u7ecd\u4e86\u7b79\u8d44\u8fc7\u7a0b\uff0c\u91cd\u70b9\u4ecb\u7ecd\u4e86\u80a1\u6743\u7b79\u8d44\u7684\u56db\u79cd\u4e3b\u8981\u5f62\u5f0f\uff1a\u80a1\u6743\u79c1\u52df\u3001\u9996\u6b21\u516c\u5f00\u52df\u80a1 (IPO)\u3001\u79c1\u52df\uff08\u6216\u79c1\u52df\u80a1\u6743\u6295\u8d44\uff0cPIPE\uff09\u548c\u4e8c\u6b21\u516c\u5f00\u52df\u80a1\u3002<\/p>

1\u3001\u80a1\u6743\u79c1\u52df<\/h1>

\u79c1\u52df\u53d1\u884c\uff0c\u4e5f\u79f0\u4e3a\u79c1\u52df\u914d\u552e\uff0c\u662f\u5c06\u8bc1\u5238\u51fa\u552e\u7ed9\u6570\u91cf\u76f8\u5bf9\u8f83\u5c11\u7684\u7cbe\u9009\u79c1\u4eba\u8ba4\u53ef\u6295\u8d44\u8005\u6216\u6210\u719f\u7684\u9884\u5148\u786e\u5b9a\u7684\u6295\u8d44\u8005\uff0c\u4f5c\u4e3a\u7b79\u96c6\u8d44\u91d1\u7684\u4e00\u79cd\u65b9\u5f0f\u3002\u4e0e\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4e0d\u540c\uff0c\u8fd9\u4e9b\u8bc1\u5238\u4e0d\u5411\u516c\u4f17\u5f00\u653e\uff0c\u800c\u4ec5\u5411\u8fd9\u4e9b\u7279\u5b9a\u6295\u8d44\u8005\u5f00\u653e\u3002<\/p>

\u79c1\u52df\u8fc7\u7a0b\u7684\u6301\u7eed\u65f6\u95f4\u53ef\u80fd\u76f8\u5dee\u5f88\u5927\uff0c\u901a\u5e38\u4ece\u51e0\u5468\u5230\u51e0\u4e2a\u6708\u6216\u66f4\u957f\u65f6\u95f4\u4e0d\u7b49\uff1a<\/p>

\u5f71\u54cd\u6b64\u65f6\u95f4\u8303\u56f4\u7684\u56e0\u7d20\u5305\u62ec\uff1a<\/p>

  1. \u516c\u53f8\u7684\u58f0\u8a89\u3001\u65b0\u95fb\u62a5\u9053\u548c\u4e92\u8054\u7f51\u8db3\u8ff9\u3002<\/strong><\/li>
  2. \u5206\u9500\u56e2\u961f<\/strong>.<\/li><\/ol>

    \u662f\u80a1\u4efd\u5417 \u901a\u8fc7\u7ecf\u7eaa\u4eba\u3001\u8d22\u5bcc\u7ba1\u7406\u4eba\u3001\u98ce\u9669\u8d44\u672c\u5bb6\u3001\u57fa\u91d1\u7ecf\u7406\u7b49\u4e13\u4e1a\u4eba\u58eb\u8fdb\u884c\u5206\u53d1<\/strong> \u8fd8\u662f\u7531\u4f01\u4e1a\u5bb6\u3001\u8463\u4e8b\u4f1a\u548c\u7ba1\u7406\u56e2\u961f\uff1f<\/p>

    1. \u4ea7\u54c1\u7684\u5927\u5c0f\u3002<\/strong><\/li>
    2. \u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u6027\u3002<\/strong><\/li>
    3. \u51c6\u6295\u8d44\u8005\u7684\u51c6\u5907\u60c5\u51b5\u3002<\/strong><\/li><\/ol>

      \u6b64\u6d41\u7a0b\u7684\u7b2c\u4e00\u6b65\u6d89\u53ca\u51c6\u5907\u53d1\u552e\u6587\u4ef6\uff0c\u5305\u62ec\u4e00\u4efd\u79c1\u4eba\u53d1\u552e\u5907\u5fd8\u5f55 (POM)\uff0c\u5176\u4e2d\u6982\u8ff0\u4e86\u6295\u8d44\u6761\u6b3e\u5e76\u63d0\u4f9b\u4e86\u6709\u5173\u516c\u53f8\u4e1a\u52a1\u548c\u8d22\u52a1\u72b6\u51b5\u7684\u8be6\u7ec6\u4fe1\u606f\u3002<\/p>

      \u6b64\u6b65\u9aa4\u53ef\u80fd\u9700\u8981\u51e0\u5468\u5230\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\uff1a<\/p>

      1. \u4fe1\u606f\u7684\u53ef\u7528\u6027\uff0c<\/li>
      2. \u516c\u53f8\u4e1a\u52a1\u8ba1\u5212\u7684\u6e05\u6670\u5ea6<\/li>
      3. \u5c3d\u804c\u8c03\u67e5\u8fc7\u7a0b\u7684\u5bb9\u6613\u7a0b\u5ea6\uff0c<\/li>
      4. \u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u6027\u548c\u8ba4\u771f\u5ba1\u8ba1\u7684\u53ef\u7528\u6027<\/li><\/ol>

        \u51c6\u5907\u597d\u53d1\u552e\u6587\u4ef6\u540e\uff0c\u516c\u53f8\u548c\/\u6216\u5206\u9500\u56e2\u961f\u9700\u8981\u786e\u5b9a\u5e76\u63a5\u6d3d\u6f5c\u5728\u6295\u8d44\u8005\uff0c\u8fd9\u4e9b\u6295\u8d44\u8005\u901a\u5e38\u5305\u62ec\u98ce\u9669\u8d44\u672c\u5bb6\u3001\u79c1\u52df\u80a1\u6743\u516c\u53f8\u3001\u5bb6\u65cf\u529e\u516c\u5ba4\u3001\u6295\u8d44\u57fa\u91d1\u548c\u9ad8\u51c0\u503c\u4e2a\u4eba\u3002<\/p>

        \u6b64\u6b65\u9aa4\u7684\u6301\u7eed\u65f6\u95f4\u4e5f\u53ef\u80fd\u6709\u5f88\u5927\u5dee\u5f02\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u516c\u53f8\u4e0e\u6f5c\u5728\u6295\u8d44\u8005\u7684\u73b0\u6709\u5173\u7cfb\u4ee5\u53ca\u4ea7\u54c1\u7684\u5438\u5f15\u529b\u3002<\/p>

        2. \u9996\u6b21\u516c\u5f00\u52df\u80a1\uff08IPO\uff09<\/h1>

        \u9996\u6b21\u516c\u5f00\u52df\u80a1 (IPO) \u662f\u5728\u65b0\u80a1\u53d1\u884c\u4e2d\u5411\u516c\u4f17\u53d1\u552e\u79c1\u4eba\u516c\u53f8\u80a1\u4efd\u7684\u8fc7\u7a0b\u3002\u9996\u6b21\u516c\u5f00\u52df\u80a1\u5141\u8bb8\u516c\u53f8\u4ece\u516c\u4f17\u6295\u8d44\u8005\u90a3\u91cc\u7b79\u96c6\u8d44\u91d1\uff0c\u4f46\u5b83\u4f34\u968f\u7740\u66f4\u4e25\u683c\u7684\u76d1\u7ba1\u5ba1\u67e5\u548c\u62a5\u544a\u8981\u6c42\u3002<\/p>

        IPO \u7684\u65f6\u95f4\u8868\u53ef\u80fd\u6bd4\u79c1\u52df\u7684\u65f6\u95f4\u957f\u5f97\u591a\uff0c\u901a\u5e38\u9700\u8981\u516d\u4e2a\u6708\u5230\u4e00\u5e74\uff0c\u751a\u81f3\u66f4\u957f\u3002\u8fd9\u662f\u7531\u591a\u79cd\u56e0\u7d20\u9020\u6210\u7684\uff0c\u5305\u62ec\u53d1\u884c\u89c4\u6a21\u3001\u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u6027\u3001\u5e02\u573a\u51c6\u5907\u60c5\u51b5\u4ee5\u53ca\u76d1\u7ba1\u8981\u6c42\u3002<\/p>

        \u5728\u9996\u6b21\u516c\u5f00\u52df\u80a1\u4e4b\u524d\uff0c\u516c\u53f8\u5fc5\u987b\u5bf9\u5176\u8d22\u52a1\u8fdb\u884c\u4e25\u683c\u7684\u5ba1\u8ba1\uff0c\u8fd9\u53ef\u80fd\u9700\u8981\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\u3002\u5b83\u8fd8\u5fc5\u987b\u51c6\u5907\u4e00\u4efd\u62db\u80a1\u8bf4\u660e\u4e66\uff0c\u5176\u4e2d\u63d0\u4f9b\u6709\u5173\u516c\u53f8\u4e1a\u52a1\u3001\u8d22\u52a1\u72b6\u51b5\u548c\u6240\u7b79\u8d44\u91d1\u8ba1\u5212\u7528\u9014\u7684\u8be6\u7ec6\u4fe1\u606f\u3002\u672c\u62db\u80a1\u8bf4\u660e\u4e66\u7531\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u7b49\u76d1\u7ba1\u673a\u6784\u5ba1\u6838\uff0c\u53ef\u80fd\u9700\u8981\u51e0\u5468\u5230\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\u3002<\/p>

        \u4e00\u65e6\u83b7\u5f97\u76d1\u7ba1\u90e8\u95e8\u7684\u6279\u51c6\uff0c\u516c\u53f8\u5c31\u4f1a\u4e0e\u4e00\u5bb6\u6295\u8d44\u94f6\u884c\u5408\u4f5c\uff0c\u786e\u5b9a\u53d1\u884c\u7684\u4ef7\u683c\u548c\u65e5\u671f\u3002\u8fd9\u6d89\u53ca\u8def\u6f14\uff0c\u516c\u53f8\u5411\u6f5c\u5728\u6295\u8d44\u8005\u5c55\u793a\u5176\u5546\u4e1a\u8ba1\u5212\u3002\u6b64\u6b65\u9aa4\u7684\u6301\u7eed\u65f6\u95f4\u53ef\u80fd\u56e0\u5e02\u573a\u6761\u4ef6\u548c\u6295\u8d44\u8005\u5174\u8da3\u800c\u5f02\u3002<\/p>

        3.\u79c1\u52df\u6216\u79c1\u52df\u80a1\u6743\u6295\u8d44\uff08PIPE\uff09<\/h1>

        \u5bf9\u516c\u5171\u80a1\u6743\u7684\u79c1\u4eba\u6295\u8d44\uff0c\u901a\u5e38\u79f0\u4e3a PIPE\uff0c\u6d89\u53ca\u79c1\u4e0b\u51fa\u552e\u516c\u5f00\u4ea4\u6613\u7684\u8bc1\u5238\uff0c\u901a\u5e38\u662f\u673a\u6784\u6295\u8d44\u8005\u3002 PIPE \u901a\u5e38\u88ab\u9700\u8981\u5feb\u901f\u7b79\u96c6\u8d44\u91d1\u5e76\u613f\u610f\u4ee5\u4f4e\u4e8e\u5e02\u573a\u4ef7\u683c\u7684\u4ef7\u683c\u51fa\u552e\u8bc1\u5238\u7684\u516c\u53f8\u4f7f\u7528\u3002<\/p>

        PIPE \u4ea4\u6613\u7684\u6301\u7eed\u65f6\u95f4\u53ef\u80fd\u76f8\u5bf9\u8f83\u77ed\uff0c\u901a\u5e38\u53ea\u9700\u51e0\u5468\u5230\u51e0\u4e2a\u6708\u3002\u8fd9\u662f\u56e0\u4e3a PIPE \u4ea4\u6613\u901a\u5e38\u4f1a\u7ed5\u8fc7\u4e00\u4e9b\u9002\u7528\u4e8e\u516c\u5f00\u53d1\u552e\u7684\u76d1\u7ba1\u8981\u6c42\u3002\u7136\u800c\uff0c\u516c\u53f8\u4ecd\u5fc5\u987b\u4e0e\u6f5c\u5728\u6295\u8d44\u8005\u5c31\u4ea4\u6613\u6761\u6b3e\u8fdb\u884c\u8c08\u5224\uff0c\u8fd9\u53ef\u80fd\u5f88\u8017\u65f6\uff0c\u5c24\u5176\u662f\u5728\u516c\u53f8\u8d22\u52a1\u72b6\u51b5\u590d\u6742\u6216\u5e02\u573a\u72b6\u51b5\u6ce2\u52a8\u7684\u60c5\u51b5\u4e0b\u3002<\/p>

        PIPE \u4ea4\u6613\u7684\u7b2c\u4e00\u6b65\u662f\u786e\u5b9a\u6f5c\u5728\u6295\u8d44\u8005\uff0c\u901a\u5e38\u5305\u62ec\u673a\u6784\u6295\u8d44\u8005\u3001\u5171\u540c\u57fa\u91d1\u548c\u5176\u4ed6\u5927\u578b\u6295\u8d44\u5b9e\u4f53\u3002\u7136\u540e\u516c\u53f8\u4e0e\u8fd9\u4e9b\u6295\u8d44\u8005\u534f\u5546\u4ea4\u6613\u6761\u6b3e\uff0c\u5305\u62ec\u4ef7\u683c\u548c\u53d1\u884c\u89c4\u6a21\u3002\u8fd9\u4e2a\u8fc7\u7a0b\u53ef\u80fd\u9700\u8981\u51e0\u5929\u5230\u51e0\u5468\u7684\u65f6\u95f4\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u8c08\u5224\u7684\u590d\u6742\u6027\u548c\u6295\u8d44\u8005\u7684\u51c6\u5907\u60c5\u51b5\u3002<\/p>

        \u4e00\u65e6\u5c31\u6761\u6b3e\u8fbe\u6210\u4e00\u81f4\uff0c\u516c\u53f8\u5fc5\u987b\u51c6\u5907\u5e76\u63d0\u4ea4\u5fc5\u8981\u7684\u76d1\u7ba1\u6587\u4ef6\uff0c\u8fd9\u53ef\u80fd\u9700\u8981\u51e0\u5468\u65f6\u95f4\u3002\u5728\u8fd9\u4e9b\u6587\u4ef6\u63d0\u4ea4\u5e76\u83b7\u5f97\u6279\u51c6\u540e\uff0c\u516c\u53f8\u53ef\u4ee5\u5b8c\u6210\u4ea4\u6613\u5e76\u6536\u5230\u8d44\u91d1\u3002<\/p>

        4\u3001\u4e8c\u6b21\u516c\u5f00\u53d1\u884c<\/h1>

        \u4e8c\u6b21\u516c\u5f00\u53d1\u884c\u662f\u6307\u51fa\u552e\u5df2\u4e0a\u5e02\u516c\u53f8\u7684\u65b0\u80a1\u6216\u5bc6\u5207\u6301\u6709\u7684\u80a1\u4efd\u3002\u4e0e IPO \u4e0d\u540c\uff0c\u4e8c\u6b21\u53d1\u884c\u6d89\u53ca\u51fa\u552e\u5927\u91cf\u53ef\u80fd\u5f71\u54cd\u5e02\u573a\u80a1\u7968\u4ef7\u683c\u7684\u80a1\u7968\u3002<\/p>

        \u4e8c\u6b21\u516c\u5f00\u53d1\u884c\u7684\u6301\u7eed\u65f6\u95f4\u53ef\u80fd\u4f1a\u6709\u5f88\u5927\u5dee\u5f02\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u53d1\u884c\u89c4\u6a21\u3001\u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u6027\u3001\u5e02\u573a\u6761\u4ef6\u548c\u76d1\u7ba1\u8981\u6c42\u3002\u4f46\u662f\uff0c\u5b83\u901a\u5e38\u6bd4 IPO \u82b1\u8d39\u7684\u65f6\u95f4\u66f4\u5c11\uff0c\u56e0\u4e3a\u516c\u53f8\u5df2\u7ecf\u5b8c\u6210\u4e86\u6210\u4e3a\u516c\u5f00\u4ea4\u6613\u5b9e\u4f53\u7684\u8fc7\u7a0b\u3002<\/p>

        \u4e8c\u6b21\u53d1\u884c\u7684\u7b2c\u4e00\u6b65\u6d89\u53ca\u53d1\u884c\u6587\u4ef6\u7684\u51c6\u5907\uff0c\u5305\u62ec\u66f4\u65b0\u7684\u62db\u80a1\u8bf4\u660e\u4e66\uff0c\u63d0\u4f9b\u6709\u5173\u516c\u53f8\u8d22\u52a1\u548c\u4e1a\u52a1\u7684\u6700\u65b0\u4fe1\u606f\u3002\u6b64\u6b65\u9aa4\u53ef\u80fd\u9700\u8981\u51e0\u5468\u5230\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\uff0c\u5177\u4f53\u53d6\u51b3\u4e8e\u516c\u53f8\u8d22\u52a1\u7684\u590d\u6742\u7a0b\u5ea6\u4ee5\u53ca\u81ea\u4e0a\u6b21\u516c\u5f00\u52df\u80a1\u4ee5\u6765\u53d1\u751f\u7684\u53d8\u5316\u3002<\/p>

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        \u901a\u8fc7\u4e86\u89e3\u6d41\u7a0b\u548c\u5f71\u54cd\u5176\u6301\u7eed\u65f6\u95f4\u7684\u56e0\u7d20\uff0c\u516c\u53f8\u53ef\u4ee5\u66f4\u597d\u5730\u89c4\u5212\u7b79\u6b3e\u5de5\u4f5c\u5e76\u589e\u52a0\u6210\u529f\u7684\u673a\u4f1a\u3002<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

        Fundraising is a critical activity in the life cycle of a business. It not only provides the necessary capital to initiate operations but also supports expansion, acquisitions, and other strategic maneuvers. The process of fundraising, however, is far from straightforward. The duration of the fundraising process can vary dramatically depending on several factors, including the … \u9605\u8bfb\u66f4\u591a<\/a><\/p>","protected":false},"author":1,"featured_media":7323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":3,"footnotes":""},"categories":[3,49,57,59,67],"tags":[],"class_list":["post-7313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-beginners","category-ipo","category-ipo-basic","category-private-equity"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/7313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/comments?post=7313"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/7313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media\/7323"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media?parent=7313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/categories?post=7313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/tags?post=7313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}